Effective July 1, 1996
Garment Graphics, Inc.
0000 Xxxxxxx Xxxxx
Xxxxxx Xxxx, XX 00000
Attention: Xx. Xxxxxxx Xxxxxx
RE: AMENDMENT OF FACTORING AND REVOLVING INVENTORY LOAN AND SECURITY AGREEMENT
Gentlemen:
We refer to that certain Factoring and Revolving Inventory Loan and Security
Agreement dated April 12, 1996, by and between GARMENT GRAPHICS, INC. ("Client")
and XXXXXX FINANCIAL, INC. ("Xxxxxx"), as amended from time to time (the
"Factoring Agreement") and that certain Addendum to the Factoring Agreement
dated April 12, 1996 ("Addendum"). Capitalized terms used herein and not
otherwise defined herein shall have those meanings ascribed to them in the
Addendum.
The Factoring Agreement is hereby amended with respect to sales to Kmart only as
follows:
A. The Addendum is of no further force and effect.
To induce Xxxxxx to enter into this amendment, Client represents and warrants
that after giving effect to this amendment no violations of the terms of the
Factoring Agreement exist and all representations and warranties contained in
the Factoring Agreement are true, correct and complete in all material respects
on and as of the date hereof.
Except as amended above, all of the terms and conditions of the Factoring
Agreement are unchanged, and said agreement, as amended, shall remain in full
force and effect and is hereby confirmed, affirmed and ratified.
If the foregoing is in accordance with your understanding of our agreement,
please so indicate by signing in the place and manner provided below.
Sincerely yours, Accepted and Agreed:
XXXXXX FINANCIAL, INC. GARMENT GRAPHICS, INC.
By: /s/ Xxxxx X.Xxxxx By: /s/ Xxxxxxx X. Xxxxxx
Title: Sr. Vice President Title: President
